China-based software company Meitu that presents the popular photo editing app, announced an additional $10 M investment in Bitcoin. The firm acquired 175.6 coins on April 8, thus making the total number of its BTC holdings 940.
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Overall, the Hong Kong Stock Exchange-listed firm now holds $100 M worth of BTC and Ether as planned. The primary time Meitu put money in crypto was at the beginning of March. It was then the firm announced its crypto investment plan to invest $100 M in crypto. So, with the latest purchase, the goal was achieved.
Meitu will use the funds as investments and realization of future projects. It is going to use some amount of Ether, to develop decentralized apps in the future.
In March Meitu invested in the two leading cryptocurrencies twice. Presently, the company owns 31,000 ETH (worth around $50.5 M) and 940 BTC (worth around $49.5 M). The tech provider partners with Coinbase Institutional to manage the transaction and store processes of the assets.